Bitget to support the Fantom (FTM) token swap and rebranding to Sonic (S)
Bitget will support the Fantom (FTM) token swap and rebranding to Sonic (S).
Details are as follows:
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Deposits and withdrawals
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On January 13, 2025, at 3:30 AM (UTC), deposits and withdrawals for FTM will be suspended.
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Bitget will notify users in a separate announcement once deposit and withdrawal services for S are available after the token swap is completed.
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Bitget will no longer support deposits of FTM tokens after the token swap.
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Token swap and rebranding
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After the token swap, FTM tokens will be rebranded to the ticker 'S' on Bitget (1 FTM = 1 S).
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All FTM balances will be recovered, and S tokens will be distributed to eligible users at a 1:1 ratio.
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Bitget will handle all technical requirements for users involved in this event.
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Users may refer to the announcement from the project team for more information.
Please take note of these key tokenomics changes after this event:
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The initial circulating supply of S will be around 2.88 billion, with an initial total supply of 3.175 billion, matching FTM's supply at the Sonic chain launch.
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Total supply of S:
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Will increase and be capped at 15% until 2031 (excluding block rate incentives).
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The annual inflation rate will be 1.75%, four years after the Sonic chain launch.
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A risk warning banner will be displayed on the Bitget trading page after this event.
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More information can be found here.
Spot
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On January 13, 2025, 3:00 AM (UTC), Bitget will delist the FTM/USDT spot trading pair and cancel all pending spot trade orders.
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Bitget will remove FTM/USDT from spot trading bots on January 13, 2025, at 3:00 AM (UTC). After removal, the system will automatically cancel any pending orders and return the relevant assets to your account. Users will not be able to create new bots with the delisted trading pair. Bots with the delisted trading pair that is listed in the "Recommended" section of the bot copy trading page will be removed. Users are strongly advised to terminate bots with this active trading pair to avoid potential losses.
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Bitget will open S/USDT trading no later than 8:00 AM (UTC), on January 16, 2025.
Futures
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Bitget will suspend the opening of new futures positions for FTM/USDT starting from December 31, 2024, 7:00 AM (UTC). The order-closing feature, closed orders, and TP/SL of FTM/USDT futures will remain unaffected.
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Users who still hold FTM/USDT futures positions must close them by January 6, 2025, 7:00 AM (UTC). After this time, Bitget will suspend futures trading for FTM/USDT and cancel all related open orders. Any remaining positions will be settled and closed.
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Bitget will remove FTM/USDT from futures trading bots on December 31, 2024, 7:00 AM (UTC). Users should close any relevant orders in advance if they hold bot orders for these trading pairs. The publish and purchase features for the affected bots will be suspended once the trading pairs are removed from the platform. After removal, the system will automatically cancel any pending bot orders and return the corresponding assets to users' accounts. Users will still be able to view the historical data of the affected bots after the removal.
Spot margin
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Bitget spot margin will remove FTM/USDT and close the trading function at 3:00 AM (UTC), on January 8, 2025.
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The details are as follows:
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Suspension of borrowing and lending features.
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Bitget has closed the borrowing and lending of the relevant trading pair.
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Positions will be closed and liquidated, and the trading feature will be unavailable.
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Bitget will automatically close the positions of users who still hold positions in the relevant pair at 3:00 AM (UTC) on January 8, 2025, cancel all pending orders in the margin accounts for the relevant pairs, and liquidate any outstanding liabilities of users. Margin trading services of the relevant trading pairs will be closed. Assets related to the relevant trading pairs will be transferred to the spot account automatically.
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Users are strongly advised to close positions, withdraw orders, repay loans, and transfer funds related to the relevant pairs in advance to avoid any potential losses.
Loans
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Bitget Crypto Loan will delist FTM and discontinue lending and collateral services at 7:00 AM (UTC) on December 31, 2024. At this time, all ongoing loan orders involving FTM as debt or collateral will be automatically liquidated. The remaining principal and collateral will be returned to the user's spot account upon liquidation completion. For details, visit Crypto loans > History > Status > System liquidation.
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To avoid potential losses, users are strongly advised to repay their loans in advance.
Convert
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Bitget Convert will delist FTM and all associated pairs at 2:00 AM (UTC) on January 13, 2025.
Convert low-value assets
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Convert low-value assets will delist FTM at 2:00 AM (UTC) on January 13, 2025. Users may choose to convert low-value assets beforehand.
Disclaimer
Cryptocurrencies are subjected to high market risk and volatility despite high growth potential. Users are strongly advised to do their research and invest at their own risk.Thank you for supporting Bitget!
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